ERA Realty Network, the largest real estate agency in Singapore, has been sold to Indonesian private equity firm Northstar Group for over S$100 million, months after owner Harry Chua put it up for sale. According to media reports, the master franchise rights to the ERA name in Asia Pacific was sold for less than the S$150 million price tag that Chua's Hersing Corporation is said to have asked...
Agents
Hersing Corp is looking to sell its Asia-Pacific franchise for ERA Real Estate agency for up to S$200 million, according to a Dow Jones report citing sources with knowledge of the sales process. Hersing’s wholly-owned ERA Realty Network is Singapore’s largest real-estate agency with more than 4,800 salespeople. According to its website, Hersing also owns the master franchise rights for ERA Real...
Proposals to further raise standards in the real estate industry and better protect consumers are being finalised. The Council of Estate Agencies (CEA) is working with the industry to strengthen regulations and disciplinary powers. It is reviewing the Estate Agents Regulations, as well as the Ethics & Professional Client Care. The issues being looked into include dual representation, ways to avoid...
Despite the red hot property market last year, the total number of real estate agents in Singapore grew by just 1.5 percent in the 12-month period from 1 Jan 2012. According to the Council for Estate Agencies (CEA), the number of registered agents in Singapore grew to 31,040 as at 1 January 2013, up from 30,577 on 1 Jan 2012. Previously, industry players say it's not unusual to see agents headcount grow...
A former property agent has been sentenced to 24 weeks' jail for forgery, cheating and counterfeiting stamp certificates. Andrew Sng Chin Lee, 43, who was an estate agent with HSR International Realtors, pleaded guilty to four charges under the Stamp Duties Act. The father-of-three was also guilty of another three charges of cheating and forgery. Four similar charges were taken into consideration. He...
Channel NewsAsia understands authorities are conducting spot checks on at least seven property developers to find out if they have backdated their documents. It has been about a week since the latest round of property cooling measures kicked in. Among the changes is an increase in Additional Buyer's Stamp Duty of five to seven percentage points across the board. In a bid to help buyers avoid paying the...
An unregistered salesperson who posted flyers in public places was fined S$21,000 on Wednesday. He was charged under the Estate Agents Act. The Council for Estate Agencies (CEA) charged 59-year-old Lum Chap Heng in court on 14 November for posting flyers carrying his mobile number to advertise for landlords and tenants. Lum also represented a flat owner and helped her find potential tenants for her...
National Development Minister Khaw Boon Wan said the transformation of the real estate industry has only just begun. He said what used to be regarded as a "cowboy" industry is now characterised by a more systematic and professional process of proper registration and licensing of property agents by the Council of Estate Agencies (CEA). He added that of the more than 100,000 property transactions each...
The first Public Perception Survey by the Council for Estate Agencies (CEA) has found that most consumers are satisfied with their property agents. Eight out of 10 said they were satisfied with the conduct and services provided. Seven out of 10 planned to recommend their agents to others. Top of the list was service excellence with agents being contactable, responsive to queries and courteous at all...
Singapore’s real estate agency industry is set to become more competitive with the announcement that Colin Tan, widely considered Singapore’s top real estate sales trainer, will soon launch his own agency. Called District 65, the firm will comprise a team of highly trained sales agents who will undergo the ColinTan Training & Consultancy (CTTC) “Becoming a Million Dollar Realtor”...